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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Infranord
Infranord (I) investor relations material
Infranord has been private
Infranord Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 remained challenging: revenue was SEK 1,210m, operating loss SEK 60m and net loss SEK 65m; project write-downs, especially in Norway, weighed on results.
Management made profitability and intensified improvement work its top priorities; the order backlog was historically high at SEK 8,822m at quarter-end.
Financial highlights
Q3 revenue fell 21% YoY to SEK 1,210m, mainly due to lower Norwegian revenue; operating result was SEK -60m vs SEK 6m and net result SEK -65m vs SEK -4m.
9M revenue declined 10% YoY to SEK 3,673m; operating loss widened to SEK 193m from SEK 29m and net loss to SEK 217m from SEK 50m.
9M order intake rose 14% to SEK 4,459m; quarter-end backlog was SEK 8,822m vs SEK 7,346m, with SEK 927m planned for delivery in the rest of 2026.
9M operating cash flow was SEK -309m vs SEK -264m, including a SEK 236m negative working-capital impact; total period cash flow was SEK -7m vs SEK -40m.
Outlook and guidance
Management said profitability improvement is the highest priority; the cost-reduction program is lowering costs, but improvement work needs to intensify further.
Planned Swedish and Norwegian rail infrastructure investment is seen as an opportunity; maintenance and reinvestment are expected to remain high in Norway, while new-build investment increases.
Norway’s 2027 budget proposal allocates NOK 25.8bn to rail infrastructure; the final budget was due for parliamentary approval in December 2026.
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Latest events from Infranord
- Record order intake and backlog contrast with weak profitability and negative results.I
Q2 2026 - Sales up 5.6%, operating loss narrows, and order backlog remains strong amid positive outlook.IQ1 2026
- Record order intake and revenue, but profitability declined due to project write-downs.IQ4 2025
- Revenue up but profit and margins down sharply; leverage and project risks increased.IQ3 2025
- Sales up, losses and debt rise; new contracts and restructuring aim to restore profitability.IQ1 2025
- Strong Q2 with higher sales and profit, but increased debt and ongoing industry challenges.IQ2 2025
- Sales and margins rose in Q3, but net debt and working capital needs increased.IQ3 2024
- Q2 sales grew, but profit and margins fell; order backlog strong, debt up, major contracts won.IQ2 2024
- Record sales but operating losses and legal costs led to a net loss; outlook remains positive.IQ4 2024
Next Infranord earnings date
Q4 202611 Feb, 2027
Infranord
Next Infranord earnings date
Q4 202611 Feb, 2027
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Frequently asked questions
Infranord is a government-owned enterprise in Sweden, specializing in railway engineering services. This includes the construction and maintenance of railways, leveraging extensive experience and expertise in the field. Infranord operates primarily within Sweden and has also expanded its market presence in Norway. Established as a result of a spin-off in 2010, when the Swedish Transport Administration was created, Infranord emerged from the merger of the Swedish Rail Administration and the Swedish Road Administration. The company is headquartered in Stockholm, Sweden, and its shares are not listed on any stock exchange as it is owned by the Swedish government.